The 2020 Mid-Year Economic Update_long

Day: July 1, 2008

Manufacturing Expands in June

The manufacturing sector expanded in June following four months of contraction, according to the latest Manufacturing ISM Report On Business.
 
The manufacturing sector showed a slight improvement in June as the PMI registered above 50% after four months of decline. According to ISM, manufacturers are experiencing higher prices for their inputs while demand for their products is slowing.
 
A survey respondent in the chemical products sector said that the shock waves from high crude prices continue to put pressure on derivative pricing." Someone in the machinery sector says they are "seeing renewed interest in outstanding quotes."
 
In the fabricated metal products sector, "volume is normal, and we are able to recover some of the raw material (steel cost) ...

Rexel, Sonepar Complete Hagemeyer Deal

Paris-based electrical distributor Rexel completed the sale of parts of Hagemeyer to Sonepar ahead of schedule, completing the deal June 30. Rexel also sold its German business to Sonepar in exchange for all of Sonepar's activities in Sweden.
 
Rexel acquired Dutch distributor Hagemeyer NV in March in a $4.7 billion deal that included plans to sell Hagemeyer's North American, Asian-Pacific and selected European businesses to Sonepar within six months of the acquisition.
 
The completion of the deal allows the businesses to move forward with the creation of action plans to improve business performance and achieve desired synergies, Rexel CEO Jean-Charles Pauze said.
 
Sonepar told MDM earlier this year that it will likely keep Hagemeyer's North American ...

MSC Industrial Sales Grow 6.1% in 3Q

MSC Industrial Direct Inc., Melville, NY, a distributor of metalworking and MRO supplies, reported sales in the third quarter 2008 ended May 31, 2008, rose 6.1% to $457.2 million over the third quarter 2007.
 
Profit in the third quarter was $51.4 million, an increase of 12.3%. 
 
Sales for the first nine months of 2008 increased to $1.33 billion, 7.6% over the same period a year ago. Profit was up 15.1% to $145.7 million. ...

Lewis-Goetz Acquires G&H Pumps

Lewis-Goetz and Company, Inc., Pittsburgh, PA, has acquired G&H Pumps and Compressors, Inc., a provider of pump repair and hydraulic services for trucks servicing the land-based oil and gas drilling market of the Shreveport, LA, and larger Texarkana region.
 
The acquisition will allow Lewis-Goetz to expand its presence in the Gulf Coast region while also expanding its product offerings, says Jeff Crane, president and CEO of Lewis-Goetz.
 
Darrell Gilbert, president of G&H, will remain with the company.
 
Lewis-Goetz manufactures and distributes belting, hose and specialty rubber and rubber-related products through 67 locations in the U.S. and ...

WinWholesale Opens Location in Oklahoma

WinWholesale Inc., Dayton, OH, has opened Stillwater Winlectric in Stillwater, OK, to provide residential and commercial contractors in the Payne County region of north central Oklahoma with electrical equipment, parts and accessories.
 
Stillwater Winlectric is the second Winlectric company to open in 2008 and the tenth Win company this year.
 
WinWholesale Inc. consists of more than 471 corporations that are collectively referred to as The Win Group of Companies."The companies conduct business-to-business wholesale distribution across a broad range of ...